Ravnaq-bank's significant capital injection from its owners, together with moderated lending growth, led to a stronger capital buffer than we previously anticipated. However, the bank's credit standing is held back by limited earnings capacity versus local peers' and by historical performance volatility. We are affirming our 'B-/B' ratings on Ravnaq-bank. The outlook is stable because we believe the increased capital buffers and owners' commitment to support the bank if necessary mitigate risks related to the bank's relatively aggressive liquidity policy and business expansion in the challenging operating environment over the next 12-18 months. On Dec. 10, 2019, S&P Global Ratings affirmed its 'B-/B' long- and short-term issuer credit ratings on Uzbekistan-based Ravnaq-bank. The outlook is stable. Ravnaq-bank reduced lending growth
